Effectiveness of the Board
The effectiveness of the Board and its Committees in discharging their duties is crucial for our success. To operate effectively, the Board and its Committees need a balance of skills, experience, independence and knowledge.
All Board Directors bring specific insights and make valuable contributions, due to their varied commercial backgrounds. Our Non-Executive Directors - in particular, Independent Non-Executive Directors - provide constructive challenge to the Executive management. The Chairman ensures that the views of all Directors are taken into consideration.
Non-Executive Directors are required to commit to at least five days per month, based on the time required to prepare for and attend Board and Committee meetings, the AGM, meetings with shareholders and training. This extends to additional hours in exceptional circumstances.
The Board evaluates its own performance and that of its committees and individual directors annually, with a formal evaluation process at least every three years. At least once a year, our Board undertakes a full strategic review of all OSB’s operations. All Directors are expected to attend all Board meetings and their Committee meetings, and to fulfil their duties as Directors. If Directors are unable to attend a meeting, they are encouraged to submit any comments to the Chairman, to ensure that their views are taken into account during the meeting.